Suzette's Blog

Seattle Washington Homebuyers: Senator Proposes $15k Tax Credit to All Buyers with NO Income Limitations!

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Tue, 16 Jun 2009 14:46:56 -0500

On June 10th, Johnny Isakson, a Senator for the State of Georgia, introduced legislation that would give ALL buyers a $15k tax credit with NO income limitations. Senator Isakson was cited as follows:

"The first-time homebuyer tax credit has made a difference. First-time home buyers used it and the market stabilized, but we don't have a recession in first-time home buyers. We have a recession in the move-up market," Isakson said. "One of the biggest problems facing the American people today is an illiquid housing market, a decline in their equity, a decline in their net worth and a depression in the housing market that we are obligated to correct if we possibly can." --Sen. Isakson--

Information Source:

Click here

The passing of this legilation will go a long way to stimulate the recovery of this ailing economy. I hope this one passes!

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

FHA Close to OK'ing Upfront Tax Credit for First time Homebuyers!

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Thu, 14 May 2009 01:25:43 -0500

Today came the news that HUD is getting close to OK'ing Upfront Tax Credit for first time homebuyers. According to Sean Donovan, FHA is close to monetizing First Time Homebuyer Tax Credit! When this happens, this means that HUD will allow FHA approved lenders and HUD approved non-profits, as well as state and local governmental entities to monetize the tax credit through short term bridge loans. In short, that tax credit has just become a part of a first time homebuyers' down payment! Video: FHA Close to Monetizing First Time Homebuyer Tax Credit!

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

New Policy at Fannie Mae and Freddie Mac: The Home Valuation Code of Conduct

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Mon, 11 May 2009 19:44:58 -0500

Today, I blogged about a new policy that went into effect on May 1st, 2009 regarding the new Home Valuation Code of Conduct or the "HVCC." The new code grew out of a lawsuit filed by the Attorney General of New York, Andrew Cuomo. While the intent of the new code is well meaning, there are a few flaws to note. One big flaw is the partial ownership big banks have in the Appraisal Management Companies, or the new middlemen of the appraisal industry. According to the new code, appraisals of 1 to 4 unit properties must be ordered through Appraisal Management Companies to ensure the integrity of the appraisal. However, here is the snag. If the point is to keep the appraisal process separate from the lending process by way of the "Appraisal Management Company," then what sense does it make for a big bank to have even a partial ownership interest in such a company.

It is a new can of worms.

For more info, please refer to my blog entry. Your feedback and thoughts are valued.

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

New Blog Post: President Obamas' "Making Home Affordable" Program

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Tue, 17 Mar 2009 19:20:29 -0500

In my quest to find helpful information for homeowners who are currently struggling under the burden of a heavy and toxic adjustable-rate mortgage, I found information on FinancialStability.gov about a new federal program introduced under President Obama's plan to help homeowners struggling to hang on to their homes. The name of the program is called the Making Home Affordable program. The detailed program description describes the conditions surrounding the current housing climate, explains the purpose and intent of the program that it intends to assist 7 to 9 million homeowners who have tried in good faith to make their mortgage payments, and describes the many incentives created to influence lender and servicer participation in the modification of toxic mortgages, for example:

According to a press release by the US Department of Treasury Dated March 4th, 2009:

"Second Liens: While eligible loan modifications will not require any participation by second lien holders, the program will include additional incentives to extinguish second liens on loans modified under the program, in order to reduce the overall indebtedness of the borrower and improve loan performance. Servicers will be eligible to receive compensation when they contact second lien holders and extinguish valid junior liens (according to a schedule to be specified by the Treasury Department, depending in part on combined loan to value). Servicers will be reimbursed for the release according to the specified schedule, and will also receive an extra $250 for obtaining a release of a valid second lien."

Source link: http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf

To read more about the two options available under the Making Home Affordable program as well as basic eligibility requirements, please refer to my residential blog for related links:

http://exclusivebuyeragentseattle.blogspot.com/2009/03/making-home-affordable-program.html

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

King County Now Requires Septic Systems to be Inspected at Time of Sale

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Wed, 21 Jan 2009 17:34:49 -0600

I updated my blog with the recent news that King County now requires all septic systems to be inspected at time of sale. I also quoted some interesting factoids about septic systems from pottyon.com (nice name!), as well as Evergreen Septic Design, a local company that specializes in septic systems.

Blog Update: New King County Requirement - Septic Systems Must Be Inspected at Time of Sale

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

Blog Update: Back to NAEBA!

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Thu, 15 Jan 2009 18:07:29 -0600

This week I re-instated my membership with NAEBA after a few years of going it alone as an exclusive buyers broker. The decision to reinstate my membership resulted from the news that things have changed for the better within the past year. I am looking forward to the organization's new developments in the coming months and hope to join a committee very soon in order to contribute my energy in the promotion of exclusive buyer agency and advocacy.

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

Avoiding Foreclosure: A New Resource by Freddie Mac

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Thu, 18 Dec 2008 14:46:34 -0600

On the Residential Front:

Today, I found out about a new online resource center dedicated to the prevention of foreclosures presented by Freddie Mac. As I visited the homepage of this new resource center, I read about Freddie Mac's commitment to helping borrowers to avoid foreclosure and to keep them in their homes whenever possible. According to the website, the resource center provides a one-stop shop for those who interface with consumers - especially the Sellers, Servicers, and community-based organizations working in neighborhoods every day that are helping homeowners avoid foreclosure. Despite the recent troubles Freddie Mac has been facing, it is good to know that they are doing what they can to help homeowners stay in their homes.

For more info, please visit my residential blog post:

Avoiding Foreclosure: A New Online Resource by Freddie Mac.

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

End of Year Market Update 2008

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Thu, 18 Dec 2008 13:12:40 -0600

I have written a blog that comprises a collection of information gathered from various key sources regarding the state of the economy and the impact it is having on commercial real estate, as well as their predictions for the coming months ahead.

It is hardly a secret. Not only is the American economy in trouble, but so is the global economy. Sparked by the mortgage crises, we have seen the decline of mortgage-backed securities, which was the engine that drove liquidity in the lending industry. When the crisis hit, it was mostly subprime and alt-a mortgage products. However, in a recent interview, Jaime Peters, a Senior Equity Analyst at Morningstar, explained that the crisis has bled into the prime market.

For more information and to read about where we are heading in 2009, click here:

End of Year Market Update 2008 By Suzette West, Broker / Principal - World West Investments, Inc.

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

A Concise and Informative Article About the Residential Closing Process

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Sun, 30 Nov 2008 17:23:13 -0600

Periodically, I will come across informative articles that are very helpful in general. Today, I had the pleasure of reading such an article geared towards residential buyers. While there are some differences with respect to closing commercial real estate sales transactions and closing residential sales, the general steps are are somewhat the same except the due diligence process for commercial real estate is more complex than buying a personal residence. The following article is helpful to those buying a home for the first time, since it demystifies the very basic steps of the closing process beginning after a buyer has chosen a home, has negotiated the purchase and sale agreement, has the property inspected, and has secured the mortgage:

On closing day, buyers will need funds for closing costs by Park Rapids Enterprise

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

Announcing A New Commercial Real Estate Blog and Some General Economic Insights

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Thu, 13 Nov 2008 15:00:08 -0600

I am pleased to announce my new blog with a focus on commercial real estate and sustainable building and development. In the weeks and months ahead, I am looking forward to reporting and writing about the local and regional economic climate of the South Puget Sound Region, as well as the local, regional, and national news radiating from the ranks of the growing "Green Community."

http://worldwestcommercialrealestate.wordpress.com

On the Economy and the Lending Environment in Commercial Real Estate

There are so many things going on with our country during this economic crisis, but I believe we can surely turn things around for the better with the right leadership in government. I keep my fingers crossed that the next four years brings positive change to our economic outlook. In the meantime, the real estate market must do all it can to stay afloat during these volitile times. The overall sentiment among developers large and small in my area is that the lending environment is unfavorable (no surprise).

At a recent developer roundtable sponsored by the Washington State Chapter of the CCIM Institute, a well-known institutional developer revealed how their 20-year banking relationships are now requiring them to have larger equity positions in their development projects. Smaller community lenders who are still in a position to lend are cherry-picking their deals and one such lender I approached is charging at least 8% for the loans he makes. For developers, the climate is such that many are taking their projects through feasibility and then taking a wait-and-see approach until the lending environment improves. The common sentiment I have heard from institutional developers is that they anticipate starting new developments within two to three years--when the lending environment improves, as they hope.

Investors may find it a bit easier to secure financing for acquisitions if they have a strong financial statement, can acquire properties with a healthy equity position (30 - 40%), and the properties are cash-flowing. Even then, the search for financing requires a concerted effort, as well as generous financing contingency periods to allow for the time it takes to find a lender who is still making loans at reasonable rates; financing that will allow a property to cash-flow until it is refinanced in five or ten years. In this lending climate, a financially strong investor will have an advantage as investment property inventory increase and investment real estate buyers deacrease from the tightening of the credit markets.

As we watch an old administration make the transition into the new, we will see how the future unfolds for us. If this economic crisis has not bottomed out yet, I hope it happens soon enough so that we may begin the process of recovering, rebuilding, and strenghtening our economy, our businesses, and our lives.

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

Inman News Seeking Good Candidate to Fill an Open Position

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Tue, 01 Jul 2008 17:54:56 -0500

I am assisting a contact in my network to find a good candidate for the following position. Since they prefer someone experienced in real estate, I thought that this would be the best place to place the following information and find the best candidate. If you or someone you know would be interested in this position, the contact info is below.

Cheers!

Suzette

Company: Inman News
Job Title: Sales Professional for Online Advertising and Events
Description: We are looking for an experienced, driven sales professional to support our growing online advertising and conference schedule. This position reports to our Sales Director, welcomes creativity, has close interaction internally across departments and externally with clients.
Responsibilities include:
- Close online advertising and event sponsorship agreements with Fortune 500/1000 and start-up companies across multiple verticals, with an emphasis on real estate technology.
- Manage accounts with both short and long sales cycles; identify decision makers, close sales and meet/exceed quota; maintain sales pipeline, ensure ad traffic activity.
- Work existing accounts, field inbound inquiries and prospect for new business.
- Attend industry conferences to network and seek out new accounts, some travel required.
- Work respectfully, efficiently and closely with entire company team.

Your Profile:
- 5 years+ of successful media sales/business development experience (Internet marketing, newspaper /trade book ad sales good, too) with an emphasis on consultative sales.
- Comfortable interacting with and selling to C-level executives.
- Excellent communication skills in person, on the telephone and via e-mail/written correspondence.
- Believe in giving top-notch customer service.
-Strong problem-solving skills, with a focus on customer value and upsell opportunities.
- Ability to accurately maintain lead development funnel through contact management tools, including daily/weekly metrics reporting.
- Good sense of humor and ability to manage multiple priorities.
- Highly organized with desire to see agreements through to their completion.
- Experience with the real estate/financial sector is a plus.
- High level of creativity and initiative, great teamwork and interpersonal skills.
- Strong PC & MS Office Skills: Word, Excel.

Inman News (www.inman.com) is an online media company and newspaper syndicate focused on real estate, delivering content to 250+ U.S. newspapers and 50,000 Web sites and reaching millions of consumers and real estate professionals each day through clients and partners including The Los Angeles Times, Miami Herald, Washington Post, Denver Post, San Francisco Chronicle, Chicago Tribune, Yahoo!, Microsoft, Google, The Wall Street Journal Online, CBS MarketWatch, and many more. Inman offers information-based products and services for the real estate professional and consumer, including News Membership, Digital Media and News content for the Web and Special Reports. Inman also produces the highly regarded Real Estate Connect technology conferences for the real estate industry's decision makers and opinion leaders.

For immediate consideration, send your resume and compensation requirement to jobsales@inman.com.

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

FHA Threatens to Ban Downpayment Assistance Gift Programs

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Tue, 10 Jun 2008 04:33:57 -0500

Today, the New York Times revealed the FHA's plan to do away with downpayment assistance programs offered through non-profits because they expect $4.6 Billion in losses, which they attribute to these programs. FHA commissioner, Brian D. Montgomery, warns that the F.H.A., "would have to renew its efforts to end the seller-financed down payment program, which accounted for 35 percent of its loans in 2007."

Rachel L. Swarns describes these "F.H.A programs" as downpayment assistance programs typically facilitated by non-profit organizations, such as Ameridream and the Nehemiah Corporation of America. However, these programs are actually downpayment assistance gift programs and, as many of us know, a non-profit organization provides the downpayment after the seller agrees to pay a fee equal to the downpayment provided plus an administrative fee to the non-profit that provides the downpayment gift on behalf of the buyer.

There is much debate going on with congressional leaders right now as to whether or not the FHA should ban these programs. On one side, critics say that these programs put overpriced homes in the hands of the poor. On the other side, supporters claim that banning these programs would make homeownership unattainable for low income families.

I believe there is a middle ground somewhere. Downpayment assistance programs are ok so long as buyers can afford them. The problem starts when buyers cannot afford the higher purchase price that results from adding the downpayment and closing costs to the purchase price so that the seller is willing to pay them. Instead of banning these important programs, it would make more sense to implement stricter qualifying requirements for buyers intending to use these downpayment assistance gift programs or, at least, implement any other sensible alternative to a straight ban.

Read the NY Times news piece: "F.H.A. Faces $4.6 Billion in Losses".

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

Making the Distinction Between Exclusive Buyer Agents and Traditional Buyer Agents

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Tue, 06 Nov 2007 02:46:46 -0600

Many people are still confused about the difference between exclusive buyer agents and traditional buyer agents. I have seen many agents that work for traditional real estate companies who specialize in buyer agency. However, they are not exclusive buyer agents, because their company also handles listings. A true exclusive buyer's agent works for a company that does not take listings at all. There is a difference.

In Washington State, when a broker (aka. the company) has two different agents working on opposite sides of the same transaction, the broker becomes the dual agent:

"In a transaction in which different licensees affiliated with the same broker represent different parties, the broker is a dual agent, and must obtain the written consent of both parties as required under RCW 18.86.060."

Cite Source

In some states, such a broker is called the "Designated Broker," but it is still dual agency by another name. I think it is important for traditional buyer agents to clarify that they are not EBAs. I think that it would be better to be upfront about it, so that buyers can make informed decisions if they want to avoid dual agency altogether.

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

Realtor Safety: An Issue Not to be Taken Lightly

Exclusive Buyer Agent Seattle - World West Investments, Inc. — Fri, 02 Nov 2007 15:12:23 -0500

Every once in a while a disturbing piece of news surfaces about a Realtor getting seriously hurt or murdered. Today, another tragic incident surfaced in the news today. I cannot even begin to stress how important safety is in our profession. Our job requires us to put ourselves out there, and so we really need to take precautionary measures seriously in order to maintain safety and security not only for ourselves, but also for the sake of our families.

Solemnly...

S.W.

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com